Riyadh – Mubasher: The Saudi Capital Markets Authority (CMA) approved United Electronics Co's (eXtra) capital increase request.

The capital will be raised from SAR 360 million to SAR 420 million, through bonus shares of 1:6, representing 16.6% of its capital.

The increase value will be financed through transferring SAR 55 million from the statutory reserve and SAR 5 million from retained profits, according to a bourse filing on Thursday.

The number of shares will increase to 42 million from 36 million shares.

Registered shareholders by the end of trades on the date of the extraordinary general meeting (EGM) will be eligible for the bonus shares.

Net profit for fiscal year 2016 declined 95.73% to SAR 2.1 million from SAR 49.2 million for FY15.

The company’s stock fell 4.21% to SAR 4.21 on Wednesday.